A date has reportedly been set for Manchester City's appeal after being found guilty of financial breaches, with Liverpool and others waiting for news on potential punishments

Manchester City will be hit with sanctions next year if it fails in its appeal after being found guilty of serious financial breaches, according to reports.

In September, City was found guilty of 114 of the 115 charges brought against it by the Premier League three years earlier, including all of the financial breaches levied against it. The club has maintained its innocence throughout, and has launched an appeal.

That will reportedly be heard next month, and it is now claimed that Liverpool and other clubs will finally find out the extent of the punishments handed down to City soon should the appeal be unsuccessful.

According to the Financial Times, the appeal will take place in mid-December, with a judgement expected to be handed down by an independent board in the New Year.

That will be followed by a decision on any punishments should City fail in its appeal. It has been previously suggested that sanctions could be announced before the appeal process concluded.

It’s said that the Premier League rule book will give the independent commission “sweeping powers to impose whatever sanction it sees fit, ranging from fines and points deductions to expulsion from the Premier League.”

Although sanctions are expected to be handed down next year, it is not yet clear when any potential punishments would take effect. City would also be able to appeal any sanctions, leaving yet more uncertainty amid claims the process could stretch for years to come.

City has been accused of arranging “sham” contracts during a nine-year period between 2009 and 2018. Although the club’s owners maintain their innocence, they face calls for titles to be stripped and to be relegated from the Premier League.

Speaking about City before Liverpool was the first team to face it following the guilty verdict, Reds boss Andoni Iraola said: "I think it should be [concluded quickly]. There should be a moment when something comes from this but now is not that moment.

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"Nobody knows what is going to happen and I think this uncertainty is no good for anyone. I don't know what's going to happen. No-one knows what's going to happen.

"I think we have to trust the people who are in charge of those things. They have spent a lot of time (looking at the issue), no?

"So they are ones that the football world has put their trust in and they decide to make their decisions.”